Shenandoah Crossing. In an effort to replace existing televisions throughout the Shenandoah Crossing resort, it was determined that the existing infrastructure would not support current technology. As it was determined that allotted reserves would not be sufficient to cover the required upgrade, the Board of Directors of the Association deferred certain other reserve projects originally anticipated in 2015 and 2016 to 2017. The Association secured a $1.2 million loan to finance the required upgraded fiber optic network. The Association has adopted a three-year financial plan that ensures payment of all obligations with yearly maintenance fee increases under statutory limits. Schedule III Schedule of Timeshare Loans [Electronic Schedule of Timeshare Loans on file with the Depositor] Schedule 5 In August 2015, Bluegreen received notice from the Internal Revenue Service that its Income Tax Return for the year ended December 31, 2013 was selected for examination. In September 2015, the examination was extended to include the tax year ended December 31, 2012. In October 2015, the examination was further extended to include payroll taxes for the year ended December 31, 2013. Bluegreen has complied with all examination requests to date. While there is no assurance as to the results of the examination, Bluegreen does not currently anticipate any material adjustments in connection with this examination. Certain of Bluegreen’s other state filings are under routine examination. While there is no assurance as to the results of these audits, Bluegreen does not currently anticipate any material adjustments in connection with these examinations. Exhibit A Form of Waiver Letter Date: U.S. Bank National Association, as Indenture Trustee of BXG Receivables Note Trust 2016-A 00 Xxxxxxxxxx Xxxxxx St. Xxxx, Minnesota 55107 BXG Receivables Note Trust 2016-A c/o Wilmington Trust Company, as Owner Trustee 0000 Xxxxx Xxxxxx Xxxxxx Xxxxxxxxxx, Xxxxxxxx 00000-0000 Attention:Corporate Trust Services BXG Receivables Note Trust 2016-A In accordance with Section 6(c) of that certain Purchase and Contribution Agreement (the “Purchase Agreement”), dated as of March 17, 2016, by and among Bluegreen Corporation, a Florida corporation (“Bluegreen” or a “Seller”) and BRFC 2016-A LLC, a Delaware limited liability company (the “Depositor”), the undersigned hereby irrevocably waives its option to repurchase and/or substitute any Defaulted Timeshare Loan listed on Exhibit A attached hereto. Capitalized terms used her...
Shenandoah Crossing. On March 17, 2013 the lodge building at the Shenandoah Crossing resort, composed of only common facilities, sustained extensive damage in a fire. The casualty is fully insured subject to a $100,000 deductible. The rebuilding process has begun and the structure will be fully restored. In conjunction with the rebuilding of the lodge building Bluegreen has elected to renovate approximately 48 units that are located adjacent to the lodge building. The lodge and the units are expected to re-open by August 2014.
